This paper discusses results of a technical assistance report prepared to evaluate the quality of Armenia’s public investment institutions in the planning, budgeting, and implementation stages of public investment management. Significant gaps exist in the efficiency of public investments, both in terms of physical outputs and quality. The report also highlights the need to prioritize efforts to introduce reform in scaling up public investment in the context of limited fiscal space. The report recommends prioritization of the following areas in need of urgent action. Eight actions are at the key stages of the project cycle and the Ministry of Finance’s capacity development. Constraint on in-year changes in project implementation plans and completion of the transformation of the Audit Chamber from the Control Chamber are recommended. Armenia is expected to have a more robust audit function when the provisions in the new law on the Audit Chamber are fully implemented.